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☆ Ubisoft Q1 net bookings down 8.7% on lack of new games releases
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - French video game producer Ubisoft (UBIP.PA), maker of the blockbuster "Assassin's Creed" franchise, on Thursday posted a 8.7% decline in net bookings in its first quarter, blaming a lack of new games releases. Net bookings in the April-June period fell to 267.7 million euros ($298.35 million), Ubisoft, which had guided for 240 million, said in a statement. The family-run firm, which has been dogged by game cancellations and delays in recent years, confirmed its targets for the 2023/24 finance year and said it expects second-quarter net bookings to increase to 350 million euros. Sales in the first quarter fell 9.2% to 288.9 million euros. ($1 = 0.8973 euros)Reporting by Dina Kartit and Pierre John Felcenloben, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Ubisoft, Dina Kartit, Pierre John Felcenloben, Kirsti Organizations: Ubisoft, Thomson Locations: Paris

☆ SAP reports revenue growth of 5% in Q2, lowers cloud revenue forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - Business software maker SAP (SAPG.DE) reported second-quarter revenue growth of 5% on Thursday, in line with market expectations, boosted by its core cloud business. For the full year, it lowered its cloud revenue outlook to 14.0-14.2 billion euros ($15.59-$15.81 billion) from 14.0-14.4 billion, and slightly lifted its forecast for its non-IFRS operating profit to 8.65-8.95 billion euros from 8.6-8.9 billion. ($1 = 0.8980 euros)Reporting by Anna Mackenzie and Andrey Sychev, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Anna Mackenzie, Andrey Sychev, Kirsti Organizations: SAP, Thomson

☆ Rheinmetall could be worth 17 billion euros over medium term, CEO says
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 10 (Reuters) - The CEO of Germany's largest defence contractor Rheinmetall (RHMG.DE) said he expected a further boost to the company's stock market value due to the Ukraine war and increased defence spending in Europe. "Our operating income in 2025 should be about 1.5 billion euros ($1.6 billion), maybe even 1.7 billion euros. "A valuation of 17 billion euros is realistic for Rheinmetall over the medium term," he added. Rheinmetall's current stock valuation is about 10.5 billion euros, on 2022 operating income of 754 million euros. The stock market value of the company, a maker of tanks, ammunition and other war equipment, has tripled since December 2021 and it joined Germany's blue-chip DAX (.GDAXI) index earlier this year.

Persons: Armin Papperger, DAX, Christian Kraemer, Holger Hansen, Sabine Siebold, Kirsti Knolle, Madeline Chambers Organizations: Rheinmetall, RND, Thomson Locations: BERLIN, Ukraine, Europe

☆ German exports rise unexpectedly in April on China reopening
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 5 (Reuters) - German exports rose unexpectedly in April, boosted by deliveries to China following its post-pandemic reopening, but analysts warned that the momentum could be short-lived. German exports increased by 1.2% on the previous month, the federal statistics office said. Exports to China were up 10.1%, while exports to the U.S. were up 4.7% and exports to the European Union rose 4.5%, the office said. The foreign trade balance showed a surplus of 18.4 billion euros ($19.68 billion) in April, up from 14.9 billion euros the previous month. "The temporary push in exports to China will fade with time," ING's global head of macro at ING Carsten Brzeski told Reuters.

Persons: Alexander Krueger, Hauck Aufhaeuser, Claus Vistesen, ING Carsten Brzeski, Holger Schmieding, Klaus Wohlrabe, Rachel More, Maria Martinez, Kirsti Knolle, Gareth Jones Organizations: Reuters, European Union, Macroeconomics, ING, Thomson Locations: BERLIN, China, Hauck Aufhaeuser Lampe, U.S, Ifo

☆ Volkswagen won't participate in China discount battle "at any price" - COO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowBERLIN, May 31 (Reuters) - Volkswagen (VOWG_p.DE) will not participate in a discount battle in China "at any price", Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. "Volkswagen is focusing on a sustainable business model. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet. For us, the focus is on profitability, not sales volume or market share," he added. Writing by Friederike Heine, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Ralf Brandstaetter, Brandstaetter, Friederike Heine, Kirsti Organizations: Volkswagen, BERLIN, Thomson Locations: China

☆ Volkswagen won't join China discount battle "at any price" - COO
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowBERLIN, May 31 (Reuters) - Volkswagen (VOWG_p.DE) will not participate in a discount battle in China "at any price", Chief Operating Officer Ralf Brandstaetter said in an interview released on Wednesday. In concrete terms, this means that we will not participate in the discount battle at any price," Brandstaetter said in an interview for the company's intranet. "Our market position is strong enough. Volkswagen aspires to be the biggest international carmaker in China, he said, adding that it's irrelevant if another national manufacturer sells more than it does. Chinese manufacturer BYD 002594.SZ outsold Volkswagen, which has led the market there for decades, as the top passenger car brand earlier this year.

Persons: Ralf Brandstaetter, Brandstaetter, Jan C, Schwartz, Friederike Heine, Miranda Murray, Kirsti Knolle, Madeline Chambers Organizations: Volkswagen, BERLIN, SZ, Thomson Locations: China

☆ German tax fraud mastermind handed further 8-year jail sentence
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

Berger had already been sentenced to eight years in jail in December after a similar trial. The public prosecutor had demanded a prison sentence of 10 and a half years and the confiscation of assets. Berger's sentences follow nearly a decade of investigations that government officials say span around 1,500 suspects and 100 banks on four continents. Authorities have raided the German branches of companies including Barclays (BARC.L), Bank of America (BAC.N), JP Morgan (JPM.N) and Morgan Stanley (MS.N) in their investigations. In September, Bank of New York Mellon Corp (BK.N), Germany's Warburg Group and Deutsche Bank (DBKGn.DE) said they would pay a combined 60 million euros to tax authorities over the scandal.

☆ Swiss Re swings to bigger-than-expected net profit in quarter
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, May 4 (Reuters) - Reinsurance company Swiss Re (SRENH.S) said on Thursday that it swung to a net profit in the first quarter that was bigger than analysts had expected and was helped by higher prices and improved investment results. The period marks a recovery from a year earlier, which was damped by losses related to the war in Ukraine, jittery markets and the lingering pandemic. Net profit of $643 million in the period compares with a loss of $248 million a year earlier. Analysts had expected a profit of $606 million, according to a consensus forecast. Reporting by Tom Sims, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Infineon raises full-year guidance
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 4 (Reuters) - German chipmaker Infineon (IFXGn.DE) raised its full-year guidance on Thursday, citing strong demand from the electromobility, renewable energy generation and energy infrastructure sectors. Infineon now sees full-year revenues of 16.2 billion euros ($17.96 billion)- plus or minus 300 million - compared with its previous forecast for 15.5 billion and with analyst consensus for 16.1 billion. The group, whose chips are used in cars and data centres, had in February already lifted its full-year forecast on strong demand from carmakers, which are restocking inventories following a global chip glut, leading to higher prices. Shares in Infineon rose 1% in early Frankfurt trade. ($1 = 0.9021 euros)Reporting by Maria Sheahan, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Roche Q1 sales decline tempered by swift uptake of new eye drug
▼ + stars: | 2023-04-26 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland January 30, 2020. Quarterly group revenue fell to 15.3 billion Swiss francs ($17.2 billion), the company reported on Wednesday, beating market expectations of 14.8 billion francs. The company, which does not report earnings for its first and third quarter, reiterated that pandemic-related sales - mainly lab testing, antibody treatment Ronapreve and repurposed arthritis drug Actemra - would drop by 5 billion francs this year. "We are very happy with the very rapid and significant uptake in the different markets around the world," he said on a media call. Sales and core earnings per share were still expected to decrease at a "low single-digit" percentage in 2023, the pharmaceuticals and diagnostics company added.

☆ Roche Q1 sales down 7% as COVID-related business wanes
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - Swiss drugmaker Roche (ROG.S) said first-quarter sales dropped 7% on falling demand for its COVID-19 therapies and diagnostics kits. Quarterly group revenue fell to 15.3 billion Swiss francs ($17.2 billion), the company reported on Wednesday, beating market expectations of 14.8 billion francs. The company does not report earnings for its first and third quarter. Reporting by Ludwig Burger, editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ Vonovia to sell 1 bln eur stake in residential portfolio to Apollo
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 26 (Reuters) - Vonovia (VNAn.DE) has agreed to sell a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros ($1.10 billion), Germany's largest real estate group said on Thursday. The transaction could have a signal effect on the struggling German real estate market, where hardly any major sales have occurred in recent months in the face of high interest rates and falling real estate prices. The transaction values the Suedewo portfolio in the southwestern state of Baden-Wuerttemberg at 3.3 billion euros, which is a discount of less than 5% to Suedewo's fair value as of December 31, Vonovia said. With the proceeds, Vonovia will generate around half of the targeted 2 billion euros in free cash flow from asset sales. To secure access to capital amidst the property market crisis, the group earmarked properties worth 13 billion euros for sale in the summer.

☆ Software AG CEO sees operating profit margin in high twenties in medium term
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: 1 min

BERLIN, April 24 (Reuters) - Software AG (SOWGn.DE) is aiming for an operating profit margin in the high twenties percentage range in the medium term, Chief Economist Sanjay Brahmawar said on Monday. Last week, private-equity firm Silver Lake offered to buy Software AG in a deal that values the German business software developer at 2.2 billion euros ($2.42 billion). Writing by Friederike Heine, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

☆ EY fined, banned from some audits in Germany over Wirecard scandal
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

APAS said in a statement that it had imposed sanctions on Wirecard's auditing company and five individual auditors, without referring to EY by name. Wirecard's annual report names EY as the auditor for that period. Wirecard filed for insolvency in June 2020, owing creditors almost $4 billion, after disclosing a 1.9 billion euro hole in its accounts that EY said was the result of a sophisticated global fraud. The ban forbids the auditor from participating in tenders for audits of certain companies for two years. This includes all listed companies as well as the majority of the financial sector consisting of banks and insurance companies.

BERLIN, March 24 (Reuters) - Germany's transport minister on Friday said he was optimistic a dispute between Berlin and Brussels over the future of combustion engine cars running on e-fuels was close to resolution, though some questions still needed clarifying. The original law would effectively ban registration of combustion engine cars after 2035, but Germany seeks an exemption for cars that run exclusively on climate-neutral e-fuel and legal assurances from the Commission. In a letter to the Commission seen by Reuters on Friday, Germany's transport ministry welcomed the EU executive's proposals but asked for legislation to ensure its implementation. Berlin's demand for an exemption had "now been answered by the EU Commission with a letter that makes me optimistic," German Transport Minister Volker Wissing told a news conference on Friday. The European Commission declined to comment on the latest proposals.

FRANKFURT, March 24 (Reuters) - Bayer (BAYGn.DE) said the focus of its drug research would shift away from women's health, a traditional pillar of Germany's largest drugmaker, to hone in on neurology, rare diseases and immunology. "When it comes to research and the subsequent clinical phases, we will no longer have an explicit focus on women's health," the head of Bayer's pharmaceuticals unit, Stefan Oelrich, told Reuters on Friday. The shifted focus comes as Bayer is due to have a change at the top in June. Bayer, which acquired a large women's health business under the 2006 takeover of Schering Pharma, will focus drugs research on oncology, cardiovascular disease, neurology, rare diseases and immunology, the company said in a statement. Research efforts in immunology could still yield products in women's health but Bayer's dedicated work on the therapeutic area overall had fallen short of expectations, he said.

☆ UBS's Credit Suisse deal was the best solution says Swiss gov't
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

Keller-Sutter, who said she held a Credit Suisse bank account, said the worst case had been avoided. This is a commercial solution because UBS is taking over Credit Suisse," she told a press conference in Bern. "The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also internationally," she said. He said it was far too early to discuss job cuts at Credit Suisse, but he was very positive about Credit Suisse's Swiss business. His upbeat tone contrasted with Credit Suisse Chairman Axel Lehmann, who was emotional when he spoke about the demise of 167-year-old Credit Suisse as an independent bank.

Speaking alongside Netanyahu after talks in Berlin, Scholz said he hoped that a compromise on the reforms suggested by Israel's President Isaac Herzog was not off the table. Netanyahu visited Germany while protests erupted once again in Israel over the reforms by his far-right government that have triggered mass unrest in recent weeks. Netanyahu called criticism of the plans "absurd", assuring Scholz that "Israel will remain a liberal democracy". Netanyahu wanted the meeting with Scholz to focus on efforts to prevent Iran from obtaining nuclear weapons. Netanyahu, who is on trial for corruption charges that he denies, says the judicial changes will strengthen democracy and boost business.

Investigations are ongoing as to what caused the Nord Stream pipelines, supplying Russian energy to Europe, to rupture and spew bubbles of natural gas into the Baltic Sea last September. "We have to make a clear distinction whether it was a Ukrainian group, whether it may have happened at Ukrainian orders, or a pro-Ukrainian group (acting) without knowledge of the government. Pistorius said earlier the likelihood was "equally high" that it could have been a "false flag operation staged to blame Ukraine". UKRAINE PLAYS DOWN CONCERNSThe New York Times said there was no evidence that Ukrainian President Volodymyr Zelenskiy or other Ukrainian government officials had played any role in the attacks. U.S. officials said no American or British nationals were involved," according to the New York Times report.

☆ Swiss watchdog finds Credit Suisse 'seriously breached' obligations in Greensill affair
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 28 (Reuters) - Credit Suisse (CSGN.S) "seriously breached its supervisory obligations" in connection with its business relationship with financier Lex Greensill and his companies, Swiss financial watchdog FINMA concluded on Tuesday. It its review, FINMA said that Credit Suisse "seriously breached its supervisory obligations in this context with regard to risk management and appropriate organisational structures." Credit Suisse Chief Executive Ulrich Koerner said he welcomes the "conclusion of FINMA's work." So far 74% of the fund's $10 billion net asset value at the time of its suspension has been collected. Reporting by Kirsti Knolle and Noele Illien, Editing by Louise Heavens Editing by Paul Carrel and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Audi will not cut EV prices to follow Tesla's lead - Audi Europe chief
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

Companies Tesla Inc FollowBERLIN, Feb 28 (Reuters) - Audi (VOWG.DE) has no plans to cut prices for its electric vehicles, German industry magazine Automobilwoche cited Audi Europe chief Jens Puttfarcken as saying, despite a similar move by market leader Tesla (TSLA.O) that has put pressure on others to follow suit. "We have our very own pricing policy," Puttfarcken was cited as saying. "We take such a step when it is necessary for the Audi brand." Reporting by Kirsti Knolle, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ German GDP contracted by 0.4% in the fourth quarter
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 24 (Reuters) - The German economy contracted at the end of the year, as inflation and the energy crisis took their toll on household consumption and capital investment. The German economy shrank by 0.4% in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday. In the third quarter of 2022, GDP saw slight growth of 0.5% compared to the three months prior. After relief measures such as the fuel discount and the 9-euro transport ticket ended, consumers spent less on consumption in the fourth quarter than in the third quarter, the statistics office said. The statistics office publishes a detailed report outlining the data.

☆ Lufthansa to cancel 34,000 flights in summer schedule - WirtschaftsWoche
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Feb 16 (Reuters) - Lufthansa (LHAG.DE) plans to cancel 34,000 flights in the summer half-year, German business weekly WirtschaftsWoche said on Thursday, adding the number could increase as cancellations at its Eurowings and SWISS units might be added. "Lufthansa has adjusted the 2023 summer flight schedule from Frankfurt and Munich," the paper quoted a Lufthansa spokesperson as saying. The exact extent could not be determined "as further daily cancellations can always be added," the person told WirtschaftsWoche. Reporting by Kirsti Knolle Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Bayer picks outsider Anderson as CEO after investor pressure
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

News of the CEO change sent the German drugs-to-pesticides giant's shares to their highest level in nearly eight months. Shares in Bayer closed up 6% on the news of the new CEO, reaching the top of Frankfurt's blue-chip index and hitting their highest level since June last year. "Bill Anderson's mission is clear: enable Bayer to realize its full potential and create sustainable value for our shareholders, farmers, patients, consumers, employees, and all stakeholders of the company," Winkeljohann added. Sources told Reuters earlier this week that activist investor Jeff Ubben had contacted fellow investors to drum up support for big changes at Bayer, including the swift replacement of Baumann. Reporting by Patricia Weiss, Kirsti Knolle and Christoph Steitz; Editing by Tom Sims and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Intel wants 10 bln euros of government funding for plant in Germany -Handelsblatt
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 8 (Reuters) - Intel (INTC.O) has provided the German economy ministry with a new calculation for a planned chip factory in the city of Magdeburg that considers almost 10 billion euros ($10.74 billion) of government funding to be necessary, business daily Handelsblatt reported on Wednesday, citing government sources. An Intel spokesperson declined to comment on the figure in Handelsblatt but was quoted as saying the group was "working very closely with government partners to close the critical cost gap". The company explains that its new demand, which exceeds the already approved funds of 6.8 billion euros ($7.3 billion), was necessary due to higher energy costs and that it would like to use a more advanced technology in the plant than initially planned, Handelsblatt said. ($1 = 0.9308 euros)Reporting by Kirsti Knolle; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

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